You should have an agreement between you and your tenant agreeing on the terms of their stay before renting out your property. Your tenants should sign the rental agreement before you rent them the property. A lease agreement may seem non-essential, but it will protect you from a bad tenant. A lease agreement is not only aimed at protecting the landlord but tenant a well. A lease agreement shows that you as the landlord is willing to have a positive tenant-landlord relationship. So that your lease agreement is feasible, some basic thing need to be included. You can find a lease agreement on the internet but you need to ensure it contains all the necessary basis. Below are the basic things that need to be included in a lease agreement.
It’s important that you include the parties included in the agreement. It’s vital that a lease agreement for a rental property includes who the lease is between. A rental lease agreement is between a tenant and landlord. Names of the tenant and landlord should be included in the lease agreement. Clearly, state who is the tenant and who is the landlord to ensure that the terms apply to them. The terms of the agreement between the tenant and landlord, therefore, apply to them. The lease agreement should include the location of the property. The house number and if the building has a name should be included in the lease. Name of the street, postal code and state are also vital in identifying where the property is located.
The term of the lease should be included. The period of the lease is the lease term. Long terms are a year long. You could also have a month to month lease agreement. Ensure that you include the period through which the lease agreement is valid. This is done by stating the date when the lease starts and when the date when it ends. The dates are what should be included rather than specifying how long the lease is valid. Ensure that your lease agreement ends in a seasonable period. This way you will ensure you get a tenant replacement fast. Include the amount the tenant has to pay. The amount of lease for the year should be included divided into monthly allotments that should be paid every month.
Make your contract binding after including the terms. The agreement is worthless if it’s not signed the tenant and the landlord. Including these terms in your contract will ensure you get have smooth running with your tenant.